Canary Capital inches closer to SEC nod on XRP, SOL ETFs in latest changes as shutdown looms on

Canary Capital is inching closer to getting the U.S. Securities and Exchange Commission's sign-off as it moves to update two of its registration statements for XRP and SOL exchange-traded funds.

The firm filed those changes on Friday for the Canary Marinade SOL ETF, which includes stalking, and for its Canary XRP ETF. In both, Canary disclosed a 0.50% fee. The firm previously designated a 0.95% sponsor fee for its HBAR and Litecoin ETFs.

"Canary just filed Amendment #6 (that's how close we are) for their spot Solana ETF w/ a 0.50% expense ratio but NO CUT of the Solana staking rewards," said  Bloomberg Senior ETF analyst Eric Balchunas on Friday in a post on X. Earlier this week, Bitwise set a 0.20% fee for its Solana staking ETF.

Several firms are awaiting the SEC's approval for their proposed crypto ETFs, which include ones tracking DOGE and LTC. Those firms filed for the funds over the past year amid an incoming friendlier administration. President Donald Trump tapped crypto-friendly regulator Paul Atkins to lead the SEC, whereafter the agency has since taken steps toward providing clarity for digital assets as well as approving listing standards for certain ETFs.

The new listing standards set out specific requirements to have certain shares listed on their exchanges. The approval means that dozens of crypto ETF applications could go live soon, without needing to go through the 19b-4 process; therefore, it pivotally reduces the timeline for those funds to begin trading.

Deadlines tied to the 19b-4 process for crypto ETFs have since come and gone for crypto ETFs, including ones tracking SOL and LTC, following the U.S. government shutdown last week. It's unclear how, when the government reopens, the SEC will proceed with the crypto ETF proposals. One source told The Block last week that the agency could batch single-product crypto ETFs together this month and into November.

The emphasis is now on the registration statements, and those do not have any imposed timelines, one of the sources said.